Credit Suisse Report On ChatGPT Part 2: Industries Set to Benefit from ChatGPT
This is part two of an ongoing series on AI use cases in various industries. The original article is a Credit Suisse report.
Real Estate
ChatGPT can improve the efficiency, accuracy, and overall customer experience of the real estate industry.
By leveraging ChatGPT, real estate professionals can improve their operations by providing better customer service and making more informed decisions by analyzing vast amounts of data and providing valuable insights.
Consumer Discretionary & Staples
ChatGPT could have a significant impact across the consumer discretionary sector, providing benefits to both retailers and consumers through a variety of different ways including:
- personalized product recommendations,
- enhanced customer service,
- improved marketing,
- improved product design, and
- better inventory management.
Key ChatGPT Use Cases in Consumer Discretionary & Staples
Automated Customer Service: The most direct way any consumer brand can use ChatGPT is to automate the customer service process, which would reduce labor costs and enhance the customer experience.
Education/E-Learning: ChatGPT can help source and provide tips and classes for nice hobbies and their associated products.
Engage a Wider Audience: Help brands create a formulaic approach to content creation that is more engaging to the customer
Key ChatGPT use cases in Materials
Supply Chain Optimization: ChatGPT can assist in the optimization of supply chains.
Regulatory Compliance: ChatGPT can help materials companies stay up to date with regard to the latest regulatory requirements and guidelines.
Materials
The Materials industry has the ability to leverage ChatGPT by providing insights into production processes, supply chain optimization, and safety management.
ChatGPT’s ability for natural language processes can help the Materials industry leverage AI to reduce costs, improve product quality and deliver better customer service
Key ChatGPT Use Cases in Real Estate
Chatbot for Customer Service: ChatGPT can be used to develop chatbots that interact with customers and address questions related to real estate properties (size, price, location, and features).
Predictive Analytics: ChatGPT can analyze large amounts of data to provide insights into real estate trends (property prices, rental rates, demand indicators). It can assist a variety of different types of real estate professionals in buying, selling, or renting properties.
Key ChatGPT Use Cases in Government
Public Services: The ability for ChatGPT to be integrated into government websites and provide quick and accurate responses to civilian questions could be explored as a cost-cutting and productivity-maximizing tool.
Multilanguage Assistance: With increases in immigration, offering government services in multiple languages will be a benefit to citizens and can increase the perceived openness in accommodating newcomers helping grow a countries output.
Assist in Speech & Law/Bill Creation: Singapore’s government employees will soon have access to Pair, a ChatGPT based tool that will assist them in researching and writing reports, speeches, and potentially creating laws/bills through Microsoft Word.
Key ChatGPT Use Cases in Healthcare
Faster Processing of Records: GPT can enable healthcare staff to aggregate and process records at faster speeds. ChatGPT can help with medical coding, billing and reports generation.
Enhancing Diagnoses and Outcomes: Assist healthcare professionals in diagnostic medicine leading to improved patient outcomes.
AI Powered Assistant: Act as a virtual health assistant and help to collect medical records and ask basic patient history questions.
Enabling Doctors to Focus on Patients: Reducing physicians’ paperwork and communications burden by automating prior authorization requests, claims appeals, and electronic communications.
Help with medical research: ChatGPT can also help researchers look through medical literature and to generate abstracts and summaries quickly.
Industrials
Industrials companies have been gradually adopting AI-enabled technologies to improve efficiencies that could result in enhanced revenue and margins. Much of the broader Industrials sector views AI as vital to the ongoing evolution of industrial production.
Healthcare
Healthcare industry is an aggregation of sectors within the economic system that provide goods and services to treat patients for them to maintain and re-establish health, including subsectors of pharmaceuticals, biotech, healthcare facilities, managed care, and life sciences tools & diagnostics, etc.
Healthcare has lagged other industries in the adoption of AI-based tools despite the potential benefits in cost savings and efficiencies.
Communications
Industry ChatGPT has the potential to have a significant impact on communications services as it can help companies improve their customer service, sales and marketing, and networking management.
ChatGPT’s functionality as a chatbot offers the ability to assist customers in troubleshooting common issues, provide personalized support, and also assist with lead generation.
Governments
The government sector is comprised of multiple levels of government (municipal, state, and federal), along with public goods and services such as the military, law enforcement, public transportation, and infrastructure, to name a few.
Although ChatGPT is most likely to be used by the branches of government for civilian interactions/service requests, other branches could derive advantages from using the technology
Energy
The energy industry includes the upstream (oil and gas exploration and production), midstream (pipelines), and downstream (refining and marketing) sectors, with integrated oil producers operating across the entire supply chain.
Key ChatGPT use cases in Energy
On-Demand Field Support: ChatGPT can be used to provide on-demand field support for both in-field oil and gas workers, along with back-office support functions.
Code Testing: ChatGPT can be used (and is currently being used by Devon Energy (DVN) for this purpose) to support in-field technicians responses for management of oilfield equipment by testing code prior to deployment.
Seismic Analysis/Geological Assessment: The ability to analyze geological data (surface analysis, seismic data, etc.) to improve the hydrocarbon discovery process.
Key ChatGPT Use Cases in Industrials
Faster, Better Training: ChatGPT is capable of developing training materials/curriculums for workers, improving training in enterprises that otherwise offer few materials.
Employee Chatbot: Can function as an internal chatbot used to answer questions for workers across multiple divisions.
Customer Support: ChatGPT can provide a better technical support experience to customers given its chatbot’s ability to answer predictively (in a generative manner).
Resource Utilization: Determine and communicate optimal routes and resource utilization to human users on manufacturing and supply chain processes.
Enhance Customer Satisfaction: Identify emerging trends in customer behaviors based on customer questions and interactions.
AI Use Cases, Beyond ChatGPT in the Healthcare Industry
AI-Assisted Surgery: Enables objective, data-driven decision-making and will have a strong impact on how surgery is performed in the future.
Assisting in More Complex Screenings: Future AI should be able to help practitioners use blood samples to identify diseases that may be rare and unlikely to be directly tested for.
Improved Drug Development: 2023 could be an important year for AI in drug discovery, as we expect to see some proof-of-concept data in the AI-discovered drug field.
Diagnostic Algorithms: These algorithms will incorporate insights gained from biology (DNA, RNA, proteins, etc.) and electronic health records.
Imaging: Reviewing images and scans is an important job for a doctor as it provides essential insights to their diagnosis
Utilities
In the Utilities sector, ChatGPT can enable a more streamlined customer experience, help customers with bill inquires, recommend new load balancing tools, and assist with energy efficiency deployment.
Key ChatGPT use cases in Utilities
Customer service: Notification to clients of outages, billing inquiries, energy consumption recommendations based on clients’ personal usage, etc.
Investor relations: ChatGPT can answer basic questions posed by investors, freeing up time for investor relations personnel.
Key ChatGPT Use Cases in Communications
Content Recommendation: Improve current recommendation performance, leading to more user engagement and faster recommendation improvement.
Customer Service: offload a greater fraction of customer service tasks to AI, freeing up human agents for more complex issues.
Bill Negotiation: negotiate on customers’ behalf for lower recurring monthly rates, possibly in exchange for a bounty of a portion of the savings.
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